The Subprime Crisis: Is Government Housing Policy to Blame?

Robert B. Avery and Kenneth P. Brevoort

Figure 1: Outcome Measures Around CRA and GSE Thresholds

Panel:, Relative Tract Income	(a), Delinquency Rate	(b), % High PTI	(c), Loan Growth Rate	(d), GSE Sales	(e), Lending: Depository - In	(f), Purchases: Depository - In
61	11.01	16.86	110.73	18.85	22.34	4.4875632
62	10.58	16.22	113.42	19.27	22.16	4.7416232
63	10.93	15.96	113.58	18.97	22.56	4.2397032
64	10.99	16.38	107.52	19.61	22.05	4.6081832
65	10.48	16.14	109.49	19.21	22.51	4.4780432
66	10.59	16.52	107.8	19.73	22.39	4.4792932
67	10.12	15.65	108.13	20.2	22.83	4.8148332
68	10.62	16.48	108.43	20.48	22.79	4.4158332
69	10.16	16.03	101.7	20.07	22.72	4.4907232
70	9.51	15.63	101.05	20.94	22.94	4.6315232
71	9.6	15.34	103.34	20.53	23.21	4.5992932
72	9.46	15.66	103.23	20.97	22.71	4.5613432
73	9.56	15.59	101.23	21.12	22.5	4.8250532
74	9.2	15.52	96.14	21.34	22.7	4.4851032
75	9.31	15.88	100.22	21.05	22.53	4.5707932
76	9.41	15.43	103	21.04	22.9	4.7248532
77	9.61	15.85	101.17	21.05	22.73	4.5716932
78	8.63	15.39	95.89	21.8	22.87	4.6484532
79	8.62	15.42	93.63	21.74	22.83	4.7288332
80	8.56	15.23	93.03	22.39	23.08	3.9310032
81	8.34	15.18	93.52	22.57	23.64	3.7906432
82	8.5	15.15	96.08	22.91	22.73	3.8645132
83	8.38	15.43	92.94	23.15	22.89	3.9882832
84	8.25	14.83	90.98	23.02	23.24	4.1188732
85	8.01	14.9	89.27	23.19	23.21	4.0808132
86	8.16	15.1	88.76	22.91	22.91	3.9263832
87	7.92	15.16	88.09	23.58	23.35	4.0835232
88	7.72	14.77	87.76	23.62	23.36	3.9721332
89	7.7	14.96	85.65	23.93	23.34	3.9527932
90	7.66	14.93	84.62	23.7	23.3	3.9503932
91	7.63	14.91	87.83	23.94	23.59	4.1768132
92	7.61	14.95	85.55	24.2	23.38	4.0529032
93	7.68	14.86	87.88	23.84	23.26	4.1026932
94	6.97	14.68	83.14	24.5	23.48	4.2016432
95	7.45	14.87	87.64	24.31	22.86	4.1566132
96	7.1	14.72	82.78	25.13	23.72	4.2900032
97	6.94	14.75	81.26	24.73	23.54	4.2022332
98	7.13	14.77	83.01	25.46	23.06	4.2098932
99	7.06	14.48	84.54	24.69	22.95	4.2961032
100	6.99	14.36	86.04	25.15	23.1	4.3635832
101	6.87	14.5	78.04	25.21	23.32	4.1987232
102	6.75	14.45	80.42	25.3	23.22	4.2689432
103	6.61	14.55	79.64	25.51	23.75	4.2408632
104	6.69	14.67	78.03	25.51	23.29	4.2237032
105	6.38	14.18	79.23	25.71	23.4	4.3811332
106	6.59	14.28	76.03	26.03	23.41	4.2575832
107	6.6	14.53	78.29	25.74	23.07	4.2130232
108	6.43	14.29	78.3	25.99	23.11	4.4614532
109	6.59	14.41	80.3	26.22	23.27	4.3785032
110	6.17	14.05	74.37	26.57	23.57	4.4786132
111	6.34	13.91	79.97	26.4	23.84	4.4697732
112	5.9	13.98	75.05	26.64	23.36	4.4309332
113	6.11	14.34	74.22	26.34	24.08	4.5395532
114	6.01	13.69	74.92	26.88	23.73	4.5243832
115	5.88	13.94	71.51	26.61	23.93	4.3297332
116	6	14.16	75.64	26.69	23.24	4.6495132
117	5.76	13.94	69.4	27.1	23.91	4.6556932
118	5.87	13.89	75.99	26.95	23.82	4.4827532
119	5.52	13.53	71.5	27.56	24.4	4.6559932
120	5.58	13.61	71.67	27.35	24.2	4.6800232
121	5.45	13.32	71.1	27.05	23.94	4.7022932
122	5.44	13.49	69.05	27.34	23.76	4.5410832
123	5.22	13.18	66.96	27.77	24.19	4.5326432
124	5.75	13.63	73.13	27.45	24.43	4.5489032
125	5.25	13.42	66.96	27.69	24.37	4.5507432
126	5.39	13.46	68.6	27.55	23.8	4.7171232
127	5.43	13.53	74.56	27.52	23.94	4.9626232
128	5.31	13.29	64.79	27.4	24.39	4.6890932
129	5.25	13.2	67.63	28	24.54	4.5578332
130	4.76	12.92	69.03	27.65	24.86	4.9588132
131	5.03	12.67	65.73	28.09	24.28	4.8325932
132	5.12	13.03	64.54	28.48	23.99	4.9045432
133	4.78	12.69	65.59	27.72	24.73	4.8690332
134	4.67	12.93	62.87	27.64	24.4	4.7463932
135	4.71	12.28	63.47	28.13	25.24	4.7212232
136	4.63	12.54	64.43	27.77	23.98	4.8340932
137	4.8	12.44	66.16	27.77	25.08	5.1972732
138	4.71	12.53	62.51	28.63	24.93	5.0004132
139	4.51	12.51	62.54	28.03	25.61	4.9676632
140	4.54	12.87	66.51	28.41	24.41	4.9387032

Return to Figure 1